Singapore continues to remain lucrative for FinTech companies

The country’s continued lucrativeness stems from the support it receives from both the business ecosystem and the government bodies of Singapore. Instead of stalling the good progress the industry has made post the rise of the uncertainties and ”disruptions” some of the FinTech sector poses, the whole ecosystem remains unfazed, undeterred and cooperative in embracing the challenges together. Some of the evident examples in recent times are as such: Government’s regulatory approach on ICOs, Banks embracing FinTech revolution and Monetary Authority of Singapore (MAS) joining forces with other business and government bodies to develop and speed up AI adoption in the financial sector. The country continues to go from strength to strength and is currently famed for being one of the top ranked countries for the FinTech industry.

Opening doors to the ASEAN

Aside from the possibilities within the country itself, Singapore also offers greater access to the ASEAN region. Being the ASEAN chair for the year 2018, Singapore has put the development of the digital economy within the region as top of its agenda during its helm. The Singapore FinTech Festival 2018 (happening in November) would be one of the events that seeks to fulfill the agenda mapped out – ASEAN focus and theme.

Blockchain Scene in Singapore

A lot of emphasis has been placed on Blockchain Technology in Singapore in recent years, as more companies start to delve into the try-outs of the technology. This is further heightened as more monies have been poured into the sector. However, it is still very clear that the sector remains nascent and challenges persists (lack of available talent pool in blockchain development), hence growth is relatively hampered.

Blockchain Scene in ASEAN

Blockchain Technology and FinTech is beginning to gain traction within the region. However, akin to the situation Singapore is currently faced with, the entire FinTech and Blockchain scene remains nascent within the bloc, presenting a wide variety of opportunities for FinTech developed countries.

Opportunities for FinTech companies in Switzerland

As mentioned earlier, the sector is currently facing a lack of talent to cater to the growing needs/demands. With the array of solutions that can be found in Switzerland, there’s definitely a role for Swiss Blockchain/FinTech companies to play. Additionally, there are up and coming projects within the region that could be equally interesting for your participation.

If you are interested in receiving more information and want to know how Swiss SMEs can benefit, please contact Angela Di Rosa, Senior Consultant South East Asia, for an initial assessment.